From fintech to agri-tech, lifestyle, entertainment to healthtech, compliance, AI, investor’s forum, the event is set to showcase how fintech is not limited to just the finance sector; it’s the orchestrator of how economies live, move, trade, and connect.

With the theme, “The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future,” the event has attracted an impressive lineup of sponsors and partners, including FirstBank, Sumsub, Huawei, Mastercard, PAPSS, Zenith, Rwanda Finance, Network International, among others.

This united front signals outcomes bigger than a single organization. It means stronger credibility, deeper investments, and practical solutions designed to reach real people..

With many sponsors returning year after year, it’s clear that Nigeria Fintech Week has earned the trust of the digital ecosystem, while charting the path to sustainable economic growth and inclusion across Nigeria and Africa.

“Huawei has been a proud sponsor of Nigeria Fintech Week for some years now, because we see it as more than an event,” noted, Huawei spokesperson. “This year’s theme, ‘The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future,’ resonates deeply with us, as we continue to invest in the technology that connects people, businesses, and opportunities.”

At NFW25, sponsors are not just getting brand visibility; they’ll be driving conversations, hosting product demos, and activating sessions around the industries they care about most.

With over 20,000 industry professionals expected to participate across Lagos, Abuja, and Enugu, the event promises an unparalleled hub for networking, deal-making, and knowledge exchange. Attendees will have the exclusive chance to engage directly with executives and decision-makers from these leading organizations at their activations and booths.

Registration for Nigeria Fintech Week 2025 is free. Secure your spot at nfw.fintechng.org to connect with the innovators and leaders orchestrating Africa’s digital future.

The new deposits, according to a report, push up bank deposits to N136 trillion.

This was contained in the audited reports and regulatory filings by commercial banks and their holding companies.

According to the audited report, the total deposits in the banking sector rose by 63 per cent from about N70.5 trillion in 2022 to about N115 trillion in 2023.

The data, provided to the NGX, as reported by Daily Trust, showed impressive growth across all cadres and tiers of banks, with the middle tier and newly established banks competing well with the first-generation and largest banks.

Experts say the implication of the report was that the banks have recorded sustained growth in deposits despite the challenging macroeconomic environment.

From tier 1 banks to tier tier 2, among others, all banks have recorded steady growth as the report indicated.

For instance, Zenith Bank’s total deposit, which rose by 69 per cent from N8.98 trillion in 2022 to N15.17 trillion in 2023, closed March 2024 at N16.78 trillion.

Guaranty Trust Holding Company (GTCO) has doubled its deposits since 2022, rising from N4.6 trillion in 2022 to N7.55 trillion and N9.2 trillion in 2023 and the first quarter of 2024 respectively.

United Bank for Africa (UBA)’s deposits grew from N10.86 trillion in 2022 to N14.9 trillion in 2023 and closed at N18.4 trillion in March 2024.

FCMB Group has grown deposits steadily from N2.07 trillion in 2022 to N3.4 trillion in 2023 and N3.7 trillion in the first quarter 2024.

Premium Trust Bank, which commenced operations in April 2022 as a national bank, grew its deposit base by 382 per cent from N55 billion in December 2022 to N265 billion in December 2023. It closed the first quarter 2024 at N309 billion.

Also, Fidelity Bank’s deposits rose steadily from N2.58 trillion in 2022 to N4.02 trillion in 2023 and closed in first quarter 2024 at N4.71 trillion. Access Holdings saw a quantum jump from N11.3 trillion in 2022 to N19.8 trillion in 2023 and N24.7 trillion in March 2024.

Sterling Holding Financial Company crossed the N2 trillion mark to N2.15 trillion in first quarter 2024 from N1.4 trillion and N1.8 trillion in 2022 and 2023 respectively.

The rise in deposits has made it seamless for banks to increase lending to the private sector, especially small and medium enterprises (SMEs), and support the growth of the economy.

A recent report by the Central Bank of Nigeria (CBN) indicated that banks’ credits to the private sector grew by N30 trillion in one year.

Similarly, banks have recorded significant growth in profitability in 2023, with average profit growth in the sector in double digits. The growth in profitability, according to experts, was largely due to business expansions, but in several instances, boosted by gains from foreign exchange (forex) revaluation gains.

According to the Daily Trust report, a financial analyst, Ayokunle Olubunmi of Augusto, attributed the rise in deposits to revaluation carried out by the banks to increase their foreign exchange earnings.

He also said the rising interest rates also contributed to the rise, while projecting a further increase before the year runs out.

“Remember some of these deposits are actually in USD and given the changes in the operation of the foreign exchange market in which the CBN wants banks to be sourcing the FX directly, you would see that a lot of banks have been strategically positioning themselves to attract foreign currency deposits and with the devaluation that you have noticed that by the time you convert those foreign currencies to naira, the value will increase,” Olubunmi stated.

This downturn coincided with the first month-to-date decline in the NGX All Share Index of the year, which lost 6% in April this year.

The most impacted were the: First Bank, UBA, GTCO, Access Bank, and Zenith—although Zenith was the only one to maintain its position in the SWOOT (Stocks Worth Over One Trillion Naira) index.

As of December 2023, Nigeria’s largest banks had a total net asset value of N9.7 trillion but only a combined market capitalization of N4.2 trillion ($ billion), translating to a price-to-book ratio of 0.43, or 43%.

This indicates that investors significantly undervalue banks compared to their book values.

Amid this, challenger banks like Opay and Kuda Bank are valued above $1 billion, despite their smaller operational scales.

According  the Index, as of April, FBN Holdings, UBA, GTCO, and Access Bank each fell below the trillion naira market cap, a level they last exceeded in January when they briefly hit this milestone.

Since January, these banks have seen substantial declines in market capitalization.

For instance, Access Bank, Nigeria’s largest bank by assets, last reached the N1 trillion mark in late January. By the end of April, its market cap had fallen to about N598.9 billion, despite having over N32 trillion in total assets and N2.5 trillion in net assets.

Similarly, UBA, with total assets and net assets of N20.6 trillion and N2 trillion respectively, saw its market cap drop from over N1 trillion in January to N817.3 billion at April’s end.

FBN Holdings, Nigeria’s oldest bank, saw its market cap peak just above N1 trillion in early April but fell to N857.8 billion by April 30th, 2024.

GTCO also experienced a dip; valued above N1 trillion as recently as April 26th, it ended the month with a market capitalization of N962.3 billion.

Zenith Bank, however, remained in the SWOOT, though it risks dropping below if the sell-offs continue into May 2024. It has total and net assets of N20.3 trillion and N2.3 trillion, respectively.

Several factors contribute to these low valuations relative to net assets, despite consistent dividend payouts.

Some analysts attribute it to the high liquidity of bank stocks, while others point to a general disinterest in the Nigerian stock market, suggesting that intrinsic stock values are seldom reached.

A more recent factor is the banking recapitalization announcement by the apex bank, which requires banks to raise over N4 trillion in new capital.

This has likely prompted a sell-off, as lower share prices benefit bank shareholders when the capital increase is through a rights issue.

However, there are significant buying interests Guaranty Trust Holding (GTCO), United Bank of Africa (UBA), and Fidelity Bank stocks.

Over the week, investors on the Nigerian Exchange Ltd. (NGX) equities market lost a total of N784 billion, week-on-week.

Specifically, the market capitalization, which opened the week at N56.296 trillion, shed N784 billion or 1.39 percent to close the week at N55.512 trillion.

The All-Share Index also declined by 1.39 percent or 1,387 points to close the week at 98,152.91, in contrast to 99,539.75 recorded in the previous week.

Similarly, all other indices finished lower with the exception of NGX Insurance, NGX MERI Growth, NGX MERI Value, and NGX Industrial Goods which appreciated by 0.02, 1.13, 0.09, and 0.38 percent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

However, 27 equities appreciated during the week higher than 13 equities in the previous week.43 equities depreciated in price lower than 62 in the previous week, while 84 equities remained unchanged, higher than 79 recorded in the previous week.

On the top gainers table, Sunu Assurances led by 25k to close at N1.25, CAP Plc followed by N4.85 to close at N28.85, Livestock Feeds Plc rose by 21k to close at N1.66 per share. Japaul Gold and Venture Plc gained 24k to close at N1.91 and Unilever Nigeria advanced by N1.50 to close at N15.10 per share. Meanwhile, Oando Plc led the losers table by N2.25 to close at N9.25, Sovereign Trust Insurance trailed by 8k to close at 36k and Thomas Wyatt Plc declined by 36k to close at N1.78 per share.

FBN Holdings shed N3.95 to close at N20.35 and Wema Bank dropped 90k to close at N6.25 per share.

Meanwhile, investors traded 1.839 billion shares worth N34.258 billion in 37,528 deals during the week.

This is in contrast to 1.597 billion shares valued at N32.313 that exchanged hands last week in 44,915 deals.

The financial services industry, measured by volume, led the activity chart with 1.129 billion shares valued at N22.290 billion traded in 22,008 deals.

This contributed 61.38 percent and 65.06 percent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 194.179 million shares worth N2.822 billion in 1,923 deals.

The third place was the construction/real estate industry, with a turnover of 130.702 million shares worth N649.957 million in 556 deals.

Also, trading in the top three equities, namely UBA, Access Holdings Plc, and Transnational Corporation Plc, measured by volume accounted for 582.024 million shares worth N10.571 billion in 8,849 deals.

This contributed 31.65 percent and 30.86 percent to the total equity turnover volume and value, respectively.

So far, Dangote Cement proposed a dividend of N30 per share or a total of N511.23 billion for the period under review.

Zenith Bank Plc offered a total dividend of N109.886 billion, representing N3.50 per share, while BUA Foods paid shareholders a dividend of N5.50 per share or N99 billion.

However, Guaranty Trust Holdings Company as indicated interest to  pay N2.70 per share, amounting to N79.464 billion, United Bank for Africa (N2.30 per share or N78.658 billion), Access Holdings (N1.80 per share or N63.981 billion), BUA Cement (N2 per share or N67.728 billion), Lafarge Africa (N1.90 per share or N30.605 billion), Stanbic IBTC Holdings (N2.20 per share or N28.505 billion), and Geregu Power (N8 per share or N20 billion) respectively.

Distributing dividends is a way for companies to share their profits with their shareholders, typically in the form of cash payments or additional shares.

The year 2023 witnessed upheaval globally and it came with significant headwinds across all emerging markets, among other markets.

For many investors, dividend-paying stocks have come to make a lot of sense in Nigeria given the almost cultural belief that making returns on investment is the essence of engaging in any investment or business plan.

Other companies such as: MeCure Industries offering shareholders dividend of 0.15 kobo, amounting to N600 million, Multiverse Mining and Exploration (0.05 kobo or N210 million), Nigerian Exchange Group (75 kobo or N1.473 billion), Africa Prudential (45 kobo or N900 million), Abbey Mortgage Bank (0.04 kobo or N406 million), Trans-Nation Wide Express (0.02 kobo or N9 million), TotalEnergies Marketing Nigeria (N25 per share or N8.488 billion), United Capital (N1.80 per share or N10.8 billion), Julius Berger (N3 per share or N4.8 billion),MRS Oil (N2.36 per share or N809 million), Meyer (30 kobo or N159 million), Infinity Trust Mortgage Bank (15 kobo or N626 million), May & Baker Nigeria (30 kobo or N518 million), CAP (N1.55 or N1.263 billion), and Nigerian Aviation Handling Company (N2.54 or N4.950 billion).

Meanwhile, Skyway Aviation Handling Company declared total dividend of N406 million or 30 kobo per share, UACN (22 kobo or N644 million), McNichols (0.02 kobo or N22 million), Beta Glass (N1.40 per share or N840 million), Okomu Oil (N14 per share or N13.355 billion), Berger Paints (80 per share or N232 million), Wema Bank (50 kobo or N6.429 billion), Transcorp Hotel (20 kobo or N205 million), and Transnational Corporation (10 per share or N4.065 billion).

It will be noted that 2023 was a year of two halves when considered from the prism of fiscal and monetary policy actions.

In H1, fiscal imprudence of the past administration, the botched implementation of the naira redesign policy, persistent insecurity and policy misalignments as well as pre-election jitters deteriorated critical macroeconomic variables, debt profile, and inflation rate.

In H2, 2023 partial removal of PMS subsidy and realignment of FX rates, all have an effect on the Company’s financial performance for the year under review.

Meanwhile, analyst from  APT Securities and Funds Limited,  stated that the investing community is delighted by the dividends declared so far, saying that the companies were able to increase the amount of dividend declared when compared to previous year.

Also, Dr. Faruk Umar, the president, Association for the advancement of the Rights of Nigerian Shareholders (AARNS), noted that dividend payment is an important component of an investor’s investment strategy which provides both financial rewards and confidence in the company’s performance and prospects.

He said,

“dividend payments provide shareholders with a regular income stream. This can be particularly beneficial for investors seeking steady income, such as retirees or those looking to supplement their salary. Companies that consistently pay dividends demonstrate financial stability and predictability, which can be reassuring for investors, hence, the announcement is coming at a right time when shareholders need it for one thing or the other.”

1. Access Holdings,
2. United Bank for Africa (UBA),
3. Zenith Bank,
4. Guaranty Trust Holding Company (GTCO) and
5. Wema Bank

Customers’ complaints in five banks in 2023 increased from 6.12 million to over 10 million in the previous year, representing 63.54%.

Analysis of the banks’ audited financial results filed with the Nigerian Exchange Limited in recent weeks, by The PUNCH, more than half of the complaints came from the customers of one of the largest banks in the country.

The financial institutions reviewed in this report include Access Holdings, United Bank for Africa, Zenith Bank, Guaranty Trust Holding Company and Wema Bank.

In the year under review, the customers’ complaints that AccessCorp, Nigeria’s biggest bank, received rose by about 81.26 per cent to 5,120,653 from 2,824,979 in 2022.

The financial services group revealed that it was able to resolve 5,092,619 complaints, with the amount claimed to be N273.04bn, out of which N2.07bn was refunded.

In dollar terms, Access Group recorded 28,801 complaints involving $2.79bn and resolved 28,277 of them out of which it refunded $2,161.

In transactions involving the British pounds sterling, the group received 328 complaints, with £134.40m claimed, and 326 of the complaints were resolved.

In euros, 335 complaints were handled and resolved within the year, with the amount claimed standing at €9.88m.

For UBA, customers’ complaints more than doubled to 2,962,339 in 2023 from 1,408,062 in the corresponding year, with N178.08bn claimed.

The group was able to resolve a significant portion of the complaints at 2,317,974 and N450m was refunded.

During this period, no refunds were made in dollars or pounds sterling.  However, the group said that 80 complaints were escalated to the Central Bank of Nigeria for intervention.

Days earlier, UBA unveiled a quick response solution code, called the ‘Scan to Resolve Complaint‘ Portal, aimed at enhancing satisfaction and swiftly addressing customers’ disputes.

The bank said that the ‘Scan to Resolve Complaint’ portal was a QR-code-based portal conceptualised by the bank to proffer timely solutions to customers’ challenges without them having to visit the bank branch.

Last year, Zenith Bank Plc saw the number of complaints go down by about 25.29 per cent to 355,210 from 475,499 in 2022 with N16.92bn claimed.

The lender had 169,797 pending complaints from 2022 and at the end of 2023, it was able to resolve 432,360 complaints and refund N15.486bn.

Similarly, GTCO’s customers’ complaints dropped in 2023 to 946,169 from 1,006,380 with about N5.016bn claimed.

It stated that the pending complaints brought forward were 9,217.

At the end of the year, 953,548 complaints were resolved with N277.45m refunded.

The financial group said that some of the outstanding complaints include dispense errors, uncredited NIP, erroneous transfers, etc.

In other currencies, GTCO customers claimed $202,617, £7,128 and €10.01m in complaints. Upon resolution, the group said that it refunded $2.816.

For Wema Bank, a tier 2 bank with tier 1 ambitions, the bank indicated that its customers’ complaints rose by about 54.03 per cent to 617,941 in 2023 from 401,179 in 2022.

Pending complaints from 2022 was 13,642 with N10.27bn claimed. At the end of the year, resolved complaints stood at 621,609 with about N11.26bn out of which N11.26bn was refunded.

The bank claimed that it “successfully reduced the average time taken to resolve customer complaints by 60 per cent compared to 2022, and the resolution rate increased from 93 per cent to 98 per cent demonstrating our commitment to improving the experience of our customers consistently and efficiently”.

Still on the bank customers’ complaints and according to Wema Bank, the number of customers escalating unresolved complaints was significantly reduced and escalation from regulatory bodies, including the CBN reduced by 38 per cent.

In October 2023, the complaints of customers of five banks rose by 117 per cent to 6,865,217 year-on-year as of June 2023 from 3,156,704.

Financial claims arising from the various complaints in the review period stood at N326.11bn, up by 289 per cent compared to N83.78bn paid in claims in June 2022.

The CBN, in 2022, directed all lenders in the country to expand their existing ATM help desk to handle all types of consumer complaints.

Providing a guideline for bank customers to make a complaint, the apex bank asked them to start from the bank, “You must first report the complaint at the bank/branch where the issue originated and then allow two weeks (it might be less in some banks) for the issue to be resolved (Source).

Stating the reasons for the delay in filling the audited results, most of them revealed that they were still getting approval from their sector regulator, which is the Central Bank of Nigeria.

According to the Nigerian Exchange rules, listed companies are expected to file their previous year’s results by March 31.

For instance, The United Bank of Africa, (UBA), in a notice filed with the NGX, said,

“This is to inform The Nigerian Exchange Limited, our shareholders, and the general public that the 2023 Financial Statements and Reports for the year ended December 31, 2023, submitted to the Central Bank of Nigeria is undergoing the required review and approval process. Consequently, the bank has yet to publish its audited financial statements on the NGX portal.”

It was aiming to publish the results on or before April 30, 2024.

Furthermore, Wema Bank also blamed its delay on the wait for regulatory approval, saying, “The bank is currently processing the approval of the accounts with one of its regulators and upon receipt of the said approval, the bank will release the audited financial statements for the 2023 FYE to the public immediately.”

In the corporate notice filed with the exchange, Zenith Bank, which is in the middle of transitioning to a holding company, declared;

“We have submitted our audited financial statements and accounts to the Central Bank of Nigeria for its final approval and had envisaged a delay because we recently concluded the component audit of our subsidiary companies.”

Stanbic IBTC Holdings Plc toed the same line as it stated, “This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the Central Bank of Nigeria for the 2023 full year audited financial statements, following which the said financial statements will then be released to the market.”

It is important to note Investors have been eagerly anticipating the results of top banks as they reposition their portfolios.

Mobile banking has become an important part of many consumers’ daily lives. A recent survey by Mastercard, a global payments and technology platform, finds ninety-one percent (91%) of Nigerians say they use digital channels such as banking apps and websites to make financial transactions.

The allure, of course, is the convenience mobile banking offers: Consumers tote their smartphones virtually everywhere, so a mobile banking app can help them quickly take care of a range of financial needs whenever they wish. It’s essentially a bank in your pocket or purse.

While many people are uncomfortable with their level of savings, mobile banking offers helpful tools to track expenses, set savings goals and maintain financial security.

It also makes banking much more accessible to those who might not have access to a branch nearby and others who need quick loans.

In this article, Techeconomy reviews ten (10) Nigerian banks app we are watching in 2024.

Let’s go!

1. Access Bank (Access More App)

Number of Downloads on Play Store: 5,000,000+

Rating: 4.5 out of 5

Users Complaints:

Access Bank has received mixed reviews from users. Interestingly, greater percentage of the reviewers (users) on the app store are excited about responsive level of the app (very quick) to failed transactions due to network issues.

However, others express frustration with the app’s recent changes.

Users highlight issues such as transaction history discrepancies, desire for additional account management features,  and debit card issues.

Ability to Give Loans:

Access Bank is known for its competitive loan offerings, providing various options tailored to meet the diverse financial needs of its customers.

The application process is generally streamlined,

Access bank offers salary advance, personal and business loan options, with competitive interest rates and quick processing times.

Access Bank also plays big in eNaira, Foreign Exchange Currency (FCY) transfers, QR and cardless payments.

UI/UX:

The app’s overall user interface is considered user-friendly by many, but recent changes have led to complaints about the inability to turn off specific accounts and challenges in selecting the preferred order of multiple accounts.

Asides these, the app has a responsive design for mobile devices.

Other Distinguishing Key Features:

Biometric Authentication: Access Bank emphasizes enhanced security with biometric authentication options, offering users a seamless and secure login experience.

Expense Tracker: The app incorporates an expense tracker, empowering users to manage their finances more effectively.

Its wide network of branches and ATMs, digital banking initiatives (AccessMore app, PayWithCapture) and strong focus on financial inclusion makes the bank stand out.

Security:

Access Bank has strong security measures to protect user data and transactions. It maintains a firm focus on security, implementing biometric features and encryption protocols to safeguard user data, multi-factor authentication, device fingerprinting, data encryption, and in-app security tips.

2. FCMB (FCMB Mobile)

Number of Downloads on Play Store: 1,000,000+

User Rating: 3.5 out of 5

Rated #39 in Finance apps (iOS)

User Rating: 3.1 out of 5

Users Complaints:

For FCMB, reviews by the users show some level of frustration with the app, citing reliability issues, delays in account opening, and app crashes during transactions. Some customers find the app unreliable for business use and encounter challenges with online banking registration.

Some have also highlighted the need for a more intuitive user interface.

Ability to Give Loans:

However, the plus values of FCMB stem from its offerings – a range of loan products, and once registered, customers generally appreciate the loan options available, with plans to expand loan options.

FCMB offers various loan options, providing users with access to credit based on their financial profiles. The bank has flexible repayment terms and requires collateral for some loans.

UI/UX:

The latest (app) design receives praise for its intuitive layout and easy navigation. However, persistent issues like app crashes during transfer receipt sharing detract from the positive user experience.

The user interface is generally user-friendly, with users appreciating the simplicity. However, enhancements in response times and transaction reliability are suggested.

Other Distinguishing Key Features:

Cardless Withdrawals: FCMB integrates cardless withdrawal features, allowing users to withdraw cash from ATMs without a physical card.

Personal Financial Management Tools: The app offers tools for users to manage their budgets and track expenses.

FCMB takes customer relationships highly, with youth-focused banking products and a growing digital banking presence.

It also deals in multi-currency accounts, forex trading, loan repayment tracking, virtual cards, loyalty rewards program, distinguishing itself with its business-focused features and an improved mobile app design.

Security:

FCMB prioritises security, incorporating encryption and two-factor authentication to protect user information.

Users report concerns about the reliability of FCMB’s technology, urging the bank to address errors in online banking registration promptly.

Secure login protocols, fraud monitoring, transaction alerts, and dedicated security team are FCMB’s strong focus as regards security.

3. Fidelity Bank

Number of downloads on Play Store: 1,000,000+

User Rating: 3.8 out of 5

Users’ Complaints:

Fidelity Bank app users are reporting occasional delays in updating transaction history and have expressed concerns about the app crashing.

Ability to Give Loan:

Fidelity Bank provides users with access to various loan products, catering to personal and business financial needs including SME loans, with plans to expand loan options in the future.

It has competitive interest rates and flexible repayment terms with focus on customer relationships and tailored loan solutions.

UI/UX:

The user interface is generally well-received, but ensuring app stability is important for an optimal user experience.

Other Distinguishing Key Features:

In-App Financial Planning: Fidelity Bank integrates financial planning tools within the app, assisting users in managing their financial goals.

Quick Balance Check: Users appreciate the ability to check their account balances quickly without navigating through multiple menus.

Strong focus on retail and SME banking, growing digital banking presence with initiatives like Fidelity Go

Active involvement in community development projects.

Security:

Fidelity Bank employs strong security measures, including transaction PINs and biometric authentication, to ensure the safety of user data. Secure login protocols, transaction alerts, and dedicated security team are added features.

4. First Bank (FirstMobile)

Number of Downloads on Play store: 5,000,000+

User Rating: 3.7 out of 5

User Complaints:

The app’s transaction history functionality is a major headache for the users. They cited inaccuracies and difficulties in tracing transactions. Some users encounter challenges updating the app through the designated store.

FirstBank app users have also reported occasional login issues and transaction delays. Some have suggested improvements in the app’s response times.

Ability to Give Loans:

FirstBank provides various loan options with a relatively straightforward application process.

FirstBank has a well-established loan platform, providing users with access to personal and business loans.

The bank provides easy access to salary loans, personal loans, and SME loans through the app. It has diverse range of loan products, tailored solutions for different needs and strict eligibility criteria.

UI/UX:

The FirstBank app is generally praised for its ease of use, with a well-organised website.

However, users request an in-app update option to enhance the overall user experience. The app’s user interface is visually appealing, but addressing occasional lagging and optimising navigation would contribute to an enhanced user experience.

Other Distinguishing Key Features:

FirstBank is the largest bank in Nigeria by assets, it has an extensive branch network with a wide range of financial services.

Virtual Card Services: FirstBank offers virtual card services, allowing users to make online transactions securely.

Chatbot support, account aggregation, travel insurance purchase, instant transfers, and merchant offers are other distinguishing features.

Security:

FirstBank prioritises robust security measures, but users emphasise the importance of consistent app updates to address potential vulnerabilities.

Its security measures include multi-factor authentication, biometric login, transaction limits, and real-time fraud prevention. The Bank invests heavily in security infrastructure.

5. GTCo (GTWorld)

Number of downloads on Play Store: 5,000,000+

User Rating: 3.7 out of 5

User Complaints:

For GTWorld users, login flow changes and potential difficulties in accessing funds due to the new update, are major challenges they face.

Ability to Give Loan:

GTWorld app has an extensive loan portfolio for individuals and businesses, commendable and competitive rates with flexible repayment options. It places emphasis on digital loan applications.

UI/UX:

While the new UI/UX update received positive feedback, users emphasised the importance of maintaining simplicity in the app’s design.

Other Distinguishing Key Features:

Innovative features, such as foreign exchange swap, bill payments, travel insurance purchase, account verification, virtual cards, QR code payments, strong brand recognition and customer base, pioneering digital banking initiatives and corporate social responsibility programs make the bank stand out.

Security:

Multi-factor authentication, biometric login, secure in-app messaging, and fraud monitoring tools are some security measures put in place by the bank.

GTCo invests heavily in cybersecurity, regular security updates and awareness campaigns.

6. Stanbic IBTC

Number of downloads on Play Store: 1,000,000+

User Rating: 3.4 Out of 5

User Complaints:

Users have also complained about transaction history and occasional login issues. There are also privacy concerns regarding account balance visibility during transactions.

Ability to Give Loan:

Stanbic IBTC leads the way with its unique offering of loans without collateral or guarantor requirements, enhancing financial accessibility for users.

The Bank offers a wide range of loan options within the app, including mortgages, car loans, and student loans. It specialises in corporate and investment banking, offers personal and business loans with focus on high-net-worth individuals.

UI/UX:

While the app has evolved positively, users express a desire for more customisable transaction history and improved transaction receipts.

Other Distinguishing Key Features:

Stanbic IBTC’s app is praised for its role in facilitating daily business transactions and providing a platform for collateral-free loans.

It has a strong international presence, prioritises financial advisory services, has wealth management tools, investment options, insurance purchase, account statements download, virtual cards among others.

Security:

Multi-layered security with biometric login, transaction confirmation, and real-time fraud detection are the Bank’s strong security measures.

7. Sterling Bank (Sterling OneBank)

Number of Downloads on Play Store: 1,000,000+

User Rating: 3.7 out of 5

Users’ Complaints:

Sterling Bank app users have highlighted occasional challenges in navigating through the app’s menus, suggesting improvements for enhanced user-friendliness. Inconsistent customer service experiences, limited ATM network compared to larger banks and occasional app crashes and bugs are other issues.

Ability to Give Loan:

Sterling Bank provides users with a range of loan products including salary and personal loans, with plans to expand loan options in the future.

Beyond personal and business loans, the bank offers agricultural loans with competitive interest rates and flexible repayment options. It focuses on supporting small businesses and entrepreneurs.

UI/UX:

While the user interface is generally well-designed, focusing on improving navigation fluidity would contribute to an even better user experience.

Other Distinguishing Key Features:

FX Swap, payment schedules, links for payment requests to family and friends and Interactive Budgeting Tools are some stand out features. The app provides users with interactive budgeting tools, aiding in effective financial management.

Security:

Sterling Bank implements robust security measures, including real-time transaction monitoring and secure authentication, to protect user data.

The Bank focuses on sustainability and green banking initiatives, with strong corporate governance practices and active involvement in social development projects.

8. United Bank for Africa (UBA Mobile Banking)

Number of Downloads on Play Store: 5,000,000+

User Rating: 4.0 out of 5

User Complaints:

The users report challenges with the app’s interface, login difficulties, and transaction-related issues, highlighting potential areas for improvement.

Ability to Give Loan:

Easy access to salary loans, personal loans, and business loans with a wide range of loan products for various needs. Fast loan processing times and a focus on financial inclusion and underserved markets.

UI/UX:

The complete overhaul of the app’s interface has triggered negative user feedback, emphasised the importance of clear communication and maintained a seamless user experience.

It has a modern and visually appealing interface but can be cluttered with promotional offers.

Other Distinguishing Key Features:

Account aggregation, airtime purchase, mobile wallet top-up, merchant offers, loyalty rewards program are some distinguishing features.

UBA has a Pan-African presence with operations in 20 countries. It has a strong focus on mobile banking and payments, innovative products like Leo, the virtual chatbot assistant.

Security:

Strong authentication measures, transaction alerts, real-time fraud detection, and dedicated security team.

9. Wema Bank (ALAT)

Number of Downloads on Play Store: 1,000,000+

User Rating: 3.9 out of 5

Users’ Complaints:

Users of the Wema Bank app have reported occasional difficulties in logging in, with suggestions for improvements in the app’s speed.

Ability to Give Loan:

Wema Bank offers a variety of loan options through its app, providing users with convenient access to credit facilities.

It focused on niche markets like young professionals and SMEs with innovative loan products like the ALAT Salary Top-up, flexible repayment options and competitive interest rates.

UI/UX:

The user interface is visually appealing, with enhanced app speed for an improved user experience.

Other Distinguishing Key Features:

Account Customisation: Wema Bank allows users to customise their account profiles within the app, offering a personalised banking experience.

Quick Fund Transfer: Users appreciate the efficiency of the app in facilitating quick fund transfers.

Strong focus on digital banking and financial technology, innovative products like ALAT, the digital bank, youth-centric marketing and branding are other unique products.

Security:

Wema Bank prioritises security, implementing multi-layered authentication processes and encryption protocols to safeguard user information. The Bank invests heavily in cybersecurity measures, with regular security audits and penetration testing.

10. Zenith Bank (Zenith Bank Mobile App)

Number of Downloads on Play Store: 5,000,000+

User Rating: 3.3 out of 5

User Complaints:

Issues with beneficiary lists, reduced transfer limits, and challenges in the login process have been reported by users. Zenith Bank Mobile App also has issues with poor customer service experiences, inconsistent app performance and strict account maintenance fees.

Ability to Give Loan:

Zenith Bank offers a range of personal, business, and mortgage loans with competitive interest rates for prime customers and stringent loan approval processes.

UI/UX:

The recent UI/UX update received mixed reviews, with users appreciating innovation but calling for improvements in functional clarity.

Other Distinguishing Key Features:

Innovative features, such as sending money to nearby users, contribute positively to the user experience. Account aggregation, instant transfers, airtime purchase, loyalty points program, QR code payments are other unique features.

Security:

Zenith Bank takes Cybersecurity strongly, protecting users’ data against fraudulent activities. The Bank has put in place a security framework to enhance this.

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In conclusion, Nigerian banks app users face similar challenges across the institutions reviewed. These issues range from beneficiary lists, reduced transfer limits, and challenges in the login process to poor customer service experiences, inconsistent app performance and strict account maintenance fees.

Zenith, UBA, GTCO, FirstBank and Access Bank all have over 5 million app downloads on Google Play Store as at the time of this review.

On the other hand, Wema Bank (ALAT), Sterling, Stanbic IBTC Bank, Fidelity and FCMB, account for 1 million plus downloads.

From the UX/UI perspective, Nigerian banks aren’t doing badly as none of them received less than 3.2 rating out of 5.

From the foregoing, Access Bank mobile app apps to be the best rated with 4.5 out of 5.

Which banking app are you using?

What has been your experience?

Comment:

Three bank stocks contributed 26.1 per cent to the activities.

With the contribution, the financial sector maintained its dominance in volume terms with 1.4 billion shares valued at N22.2 billion traded in 17,300 deals.

Hence, it contributed 72.9 per cent to the total equity turnover volume and value. Despite a nine-basis point decline in the all-share index (ASI) on the final trading day of the week, the local bourse closed in an upbeat last week, marking its ninth consecutive week of positive performance.

The positive outing was underpinned by increased demand in banking stocks: Access Corp (+9.63 per cent), Ecobank TransNational Incorporated (+9.4 per cent), United Bank for Africa (+7.3 per cent), and Zenith Bank (+6 per cent) alongside gains in Infinity (+59.3 per cent, SCOA (+28.9 per cent), and other major stocks such as MTNN (+2.7 per cent) and BUA Cement (+0.5 per cent). The year-to-date performance stood at 41.2 per cent.

Precisely, trading in the top three banks (measured by volume) accounted for 491.5 million shares worth N15.5 billion in 5,997 deals, contributing 26.1 per cent to the total equity turnover volume.

Following the banking sector in volume terms last week was the services industry with 97 million shares worth N616.265 million in 1,949 deals.

The third place was the consumer goods industry, with a turnover of 86.4 million shares worth N2.1 billion in 3,819 deals.

According to The Guardian, on the whole, a total turnover of 1.9 billion shares worth N31.6 billion was recorded in 33,020 deals by investors on the floor of the Exchange, in contrast to a total of 2.4 billion shares units valued at N45 billion that were exchanged in 34,704 deals on December 8, 2023.

Consequently, the index and market capitalisation appreciated by 1.2 per cent to close the week at 72,389.23 and N39.6 trillion respectively.

Similarly, all other indices finished higher except NGX Insurance, NGX ASeM, NGX Oil & Gas and NGX Growth which depreciated by 0.96 per cent, 1.04 per cent, 0.27 per cent and 5.23 per cent respectively while the NGX Sovereign Bond index closed flat. (Guardian).

Acquired by MFS Africa in June 2022, the US-based GTP is the largest processor of prepaid cards in Africa, with more than 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – using its platform.

Prior to joining the GTP executive team, Olaseni Alabede was the Vice President of Product Development in MasterCard’s Installments business. In this New York-based role, he was responsible for the design and development of Buy-Now-Pay-later products on the Mastercard network.

His history in the payments sector, however, dates back to the beginning of his career in 2003, when he started working as a web designer at the now-defunct City Express Bank in Nigeria. After that, he spent nearly a decade at Interswitch, growing from a project engineer to head of enterprise service management.

“We are thrilled to have Olaseni come on board as the new CTO for GTP,” says GTP CEO, Christian Bwakira. “His extensive experience in both the African and international payments spaces and his clear passion for technology’s ability to improve people’s lives and help build better futures makes him the ideal person to drive us forward technologically.”

For his part, Alabede says that he is looking forward to taking charge not just of GTP’s technology stack, but the entire technology initiative behind the company and drive a strategy that enhances the company’s already strong positioning.

“Right now, GTP provides a quality service that customers know and love it for,” he says. “But can we take that to the next level?”

The decision to join GTP, he says, was made primarily on the basis of the impact he believes the company, particularly under MFS Africa’s ownership, can have.  “When you think about what MFS Africa and GTP have done in the African market, that impact is significant,” he says. “I want to be part of taking that further, helping more and more markets replace the need for cash by using seamless technology that integrates our various offerings.”

In helping GTP achieve that impact, Olaseni Alabede plans to focus on seamless customer experiences  as he considers the elimination of friction in payments particularly critical.

“The more friction you remove from the consumer, the more they get out of their payments,” he says.

More particularly, he believes that there will be significant innovation around bringing these technological trends together and that African companies and consumers will benefit from them.

“I think that last mile delivery of frictionless payments and experiences is really going to translate into success,” he says. “As such, we can expect to see a lot of innovation and technological convergence happening in building those frictionless experiences.”

Outside of work, Alabede is passionate about promoting health in underserved communities. He serves on the Board of the Arthur Ashe Institute for Urban Health which provides health education and health equality in the Brooklyn Community and other parts of New York City.